Marriage - Herman & Co. CPA

Why Are Millennials Opting for Cohabitation Agreements Over Marriage?

Millennials take a different view of marriage than those that came before them. They are waiting longer to get married and in some cases deciding not to marry at all. In recent years, marriage rates among millennials have dropped to 70%, well below rates for boomers 91%, late boomers 87%, and Gen Xers 82%. The…

Domestic partnership vs. Marriage: Which is best for you?

Only about 70% of Millennials are getting married nowadays, this is significantly lower than any other previous generation. Some of the main reasons for millennials’ decisions not to get married include; not burden their partner with student loan debt or medical debt or not wanting to pay the marriage tax. Instead of traditional marriage, many…

Same-sex marriage to boost state tax revenue

Westchester NY accountant Paul Herman of Herman & Company CPA’s is here for all your financial needs. Please contact us if you have questions, and to receive your free personal finance consultation! By Bankrate The Supreme Court’s ruling legalizing same-sex marriages across the United States was a victory for the couples who long fought for equal marital rights. It also could prove…

Weddings Mean Tax Changes & Small Business Resources

It may not be as high on the wedding plan checklist as the venue, invitations and attire, but there are important tax issues created by a marriage that warrant some prompt attention following the wedding.

Employment Tax Withholding– Refunds and Adjustments for Same-Sex Married Couples

Following the Supreme Court’s decision in Windsor, the IRS provided guidance to employers and employees on how to make claims for refunds or adjustments (corrections) of overpaid payroll taxes.

New Tax Rules for Legally Married Same-Sex Couples

Same-sex couples will now be treated as married for all federal tax purposes (income, gift, and estate taxes) where marriage is a factor. The ruling applies to filing status, personal and dependency exemptions, the standard deduction, employee benefits, IRA contributions, and the earned income and child tax credits.

Getting Married: FAQs

Think about owning property together. This is a way to guarantee that property will pass to the other joint owner at the time of the other’s death due to the right of survivorship.